US-EU to reduce carbon emissions on steel and aluminium trade
The United States and the European Union announced that they have reached an agreement to ease tariffs on steel and aluminium and to address carbon intensity and overcapacity in a global scale.
As a first step, the US and EU announced that:
• the US will no longer apply the Section 232 tariffs on a certain amount of EU exports of steel and aluminium from 1st January 2022.
• in response, the EU will suspend its rebalancing measures against the US that were introduced in June 2018 in response to the US Section 232 tariffs on steel, aluminium and derivative products.
• In addition, they should consult on government investment in decarbonisation, and prohibit non-market practices with high carbon intensity steel and aluminium production.
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